Bids on a basic three-bedroom bungalow in Otahuhu shot up from $550,000 to $1.2505 million in 13 minutes after an “insane” bidding war broke out for the property.
The Princes Street property, which had peeling wallpaper and a mismatched kitchen, had been marketed as having potential for development or as a do-up.
A crowd turned up for the auction at Ray White Manukau today that saw 14 registered bidders making a total of 176 fast bids on the 870sqm freehold section.
At one point, the bids got as low as $500 as nearly all the bidders went head-to-head for the property. The crowd cheered as several knockout bids of $20,000 and $25,000 were made, but these failed to seal the deal as bidding continued.
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The one they all wanted: The house at 79 Princes Street, Otahuhu. Photo / Supplied
The announcement by Ray White auctioneer Ben East that the property was on the market at $950,000 further spurred bidders on.
A small $500 bid finally secured the property and the hammer finally fell at $1.255m, which was above its RV of $1.075m.
Ray White lead auctioneer Sam Steele said it was reminiscent of auctions in 2021 back when the market was at full speed.
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It was also the largest number of bids to have been made at a Ray White Manukau auction, surpassing its previous record of 168 bids for a property in Papakura in 2021.
Ray White Manukau co-owner Tom Rawson said developers were fighting over it.
“It was insane. There were people yelling out their bids not wanting to miss out on it.”
He said the size of the section, having wastewater service onsite and stormwater service nearby were drawcards.
Otahuhu had also not been as heavily intensified as other neighbourhoods in South Auckland, he added.
Needing some love and attention: Inside the three-bedroom home. Photo / Supplied
Ray White agent Pat Lapalapa pitched the property as a development opportunity. Photo / Fiona Goodall
The vendors, who were relocating to Samoa, were very happy with the result and had walked away with at least $300,000 more than they had been prepared to accept.
The property, which was marketed by Ray White salespeople Pat Lapalapa and Ben Palavi, was one of 40 being auctioned as part of its mega auction event dubbed The Day. At the halfway point, 14 of the 18 properties called at auction sold under the hammer.
The Princes Street property was only one of three properties to surpass the million-dollar mark.
A four-bedroom and one-bathroom home with a one-bedroom, one-bathroom granny flat on Deodar Place, in Totara Heights, sold for $1.005m. A property with two houses on Richards Avenue, in Papatoetoe, paused $1.15m and sold outside the auction room for a higher, undisclosed amount.
Meanwhile, the cheapest property to sell was a renovated two-bedroom property on Settlement Road, in Papakura, that went for $540,0000.
Rawson said there was a mix of buyers including first-home, second-home, investors and developers, and most properties with an average of 5.2 people bidding on them.
“The auction room is full – except for the front row. No one wants to sit in the front row of an auction room. I don’t know why.”
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